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European System of Financial Supervisors (ESFS)

Definition:

A supra-national structure established to deal with cross-border aspects of financial stability in Europe post financial crisis in 2008. ESFS brings together existing national supervisors with three new sectoral EU-level authorities (for banking, insurance, and securities markets respectively) and supervise individual (but unnamed) financial institutions important enough to pose a widespread threat if they encounter problems.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Noisy Chaos

A chaotic dynamical system with either observational or system noise added. See: Chaos, Dynamical Systems, Observational Noise, System Noise.

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